logo

Contemporary Issue in Accounting - Report

   

Added on  2020-07-23

7 Pages1665 Words36 Views
 | 
 | 
 | 
Contemporary issue inAccounting
Contemporary Issue in Accounting - Report_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Objectives of General purpose financial reporting.............................................................12. Target audience of financial reports able to use accounting information..........................23. Recognition criteria for elements of financial statements..................................................24. Fundamental qualitative characteristics of financial reporting..........................................35. Enhancing qualitative characteristics of financial reporting..............................................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
Contemporary Issue in Accounting - Report_2

INTRODUCTIONFinancial reporting provides information to users for assessing financial performance ofbusiness and as such, effective decisions can be taken with much ease. Present report deals withNewcrest Mining Ltd which is engaged in gold exploration and mining headquartered inAustralia and report discusses with reference to annual report of 2017 whether financialreporting objectives and other aspects are complied with AASB or not. Thus, users may takeenhanced decisions. The stakeholders are benefited by such information and they are able to takebetter decisions with much ease.MAIN BODY1. Objectives of General purpose financial reportingThe financial reporting provides useful information to users who have stake in thebusiness. They are able to take effective and enhanced decisions by assessing financial reportsimparted by the firm in the best possible manner. Furthermore, this report provides clarity tousers of accounting information to invest in the company or not. In relation to this, NewcrestMining Ltd which is engaged in mining sector. It is basically engaged in gold exploration andmining organisation. It is required that objective of general purpose financial reporting should befulfilled by it in order to impart necessary information to recipients in effectual manner.Newcrest Mining Ltd has effectively met financial reporting objectives. AASB (AustralianAccounting Standards Board) has provided concept of SAC (Statement of Accounting Concepts)which imparts guidelines with regards to listing accounting information (Objective of GeneralPurpose Financial Reporting. 2015). The objectives are to disclose financials of company such as assets and liabilities at theend of reporting period, generating positive cash flows information, revenue earned and expensesincurred at the end of period and thus, users may be able to allocate scarce resources. Salesrevenue of 2017 financial year is disclosed which is 3477 million. Total assets and total liabilitiesare 11583 and 4049 are provided as well (Halligan, 2017). Moreover, there are positive cashflows such as 439 in 2017. On the other hand, compliance is also made for occupational healthand safety legislation as it is the priority of organisation to provide safety to workers. Thus,objectives are met by firm.1
Contemporary Issue in Accounting - Report_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Importance of Conceptual Accounting Framework for Developing High Quality Financial Reports
|10
|2340
|214

Paper on Accounting Theory and Issues
|14
|3184
|112

Contemporary Issues In Accounting: A Case Study of Dominos Pizza
|8
|1720
|182

Contemporary Issues in Accounting: Analysis of Coca-Cola Amatil's Financial Reporting Process
|11
|2238
|447

ACC303 Contemporary Issues in Accounting - Desklib
|13
|2234
|170

Report : Contemporary Issues in Accounting
|9
|1983
|294